News at Mason
IRS Retirement Contribution Limits for 2018
December 10, 2017
The Internal Revenue Service (IRS) announced cost-of-living adjustments affecting the dollar limit for retirement-related items for the 2018 tax year:
- Participants under age 50 can contribute up to $18,500 (a $500 increase from 2017) to their Supplemental 403(b) Retirement Plan and Virginia Deferred Compensation Plan DCP-457.
- Participants age 50 and over can contribute $24,500 (a $500 increase from 2017) to their Supplemental 403(b) Retirement Plan and Virginia Deferred Compensation Plan DCP-457.
To increase contributions, complete the following steps:
- 403(b) contribution: Complete a salary reduction agreement and submit it to the Benefits team by emailing to firstname.lastname@example.org, faxing to 703-993-2601, or dropping it off at the Human Resources and Payroll office (Merten Hall, Suite 4100).
- 457 contribution: Contact ICMA-RC at 1-877-327-5261, or login to your account at varetirement.org/dcp.html.
For questions, contact the Benefits team at email@example.com or 703-993-2600.